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Market Update Today: US Dollar Down; Gold and Crude Oil

Dollar Down Over Weaker-Than-Expected U.S. Data

EUR/USD – Euro US Dollar
p 1.1632
a 1.1644 +0.0012 +0.10%
GBP/USD – British Pound US Dollar
p 1.3795
a 1.3808 +0.0013 +0.09%
USD/JPY – US Dollar Japanese Yen
p 114.36
a 114.48 +0.12 +0.10%

The dollar was undercut by a drop in U.S. bond yields, which have turned down after failing to breach their June high during last week’s inflation scare.

The dollar also dipped after data showed that U.S. homebuilding unexpectedly fell in September and permits dropped to a one-year low amid acute shortages of raw materials and labor, supporting expectations that economic growth slowed sharply in the third quarter.

Gold Up Thanks to Declining Dollar, U.S. Bond Yields

P: 1766.83
A: 1768.48 + 1.65 + 0.02

U.S. factory data released on Monday showed that industrial production contracted 1.3% month-on-month and grew a smaller-than-expected 4.6% year-on-year, in September. An ongoing global semiconductor shortage contributed to a decrease in motor vehicle output, further proof that supply constraints are hampering economic recovery from COVID-19.

Oil Remains Near Multi-Year Highs as Energy Crunch Persists

A 84.64

Brent, WTI up around 20% since the beginning of September
Official U.S. inventory data out Wednesday. API shows crude stocks up, fuel stocks down -sources

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